Launch Tokens backed by Perps

On most launchpads a token’s bonding curve holds a stablecoin or a spot asset, so the price only moves when people buy and sell. Here, the curve’s reserve is an aLT — a tokenized, leveraged perpetual position for a fixed (market, leverage, direction). The curve’s USD value therefore tracks two things: trading activity and the leveraged performance of the underlying. A coin can appreciate with zero new buyers when the market moves for it — and depreciate when it moves against (this is called curve regression).

The aLT is non-liquidating: it tracks its target leverage via a price index instead of getting liquidated. Your maximum loss is what you put in.

The reserve of every curve is an ArcusLeveragedToken (aLT) — an ERC-20 that represents a 3× leveraged position (e.g. ETH 3× Long or NVDA 3× Short). It is priced by a keeper-signed leveraged index driven by the perp’s mark price on Lighter — the Robinhood Chain’s native perp DEX — with native Chainlink feeds as the fallback source, and settles buys/sells against an internal USDG buffer. Where a market exists on Lighter (BTC, ETH, SOL, NVDA, TSLA) the aLT’s exposure is hedged with a real perpetual position sized to 3× the reserve, rebalanced automatically within seconds of every trade — so the backing is economically real, not just synthetic. Markets with no Lighter perp (HOOD, GME) run synthetically against the treasury buffer under a lower risk cap. Users never touch the perp directly — they only buy and sell the launchpad token with USDG; the protocol mints and redeems the aLT under the hood.

Liquidity & redemptions. Part of each reserve (currently 50%) stays in the aLT as an instant-redemption buffer; the rest is posted as margin behind the hedge. Sells settle instantly from that buffer. A sell larger than the buffer is rejected rather than filled at a bad price — the hedge automatically pulls margin back and the sell can be retried once it lands (Lighter withdrawals are asynchronous, so this can take hours). Buys are never limited by the hedge.

After graduation the token opens two locked Uniswap v4 pools behind one immutable hook: a native ETH / TOKEN pool (the pair bots, DexScreener and routing see) and an aLT / TOKEN perp pair. A permissionless, profit-checked arb keeps them aligned, so the token still tracks the perp directionally — but as a fee-banded peg, not a constant multiple: the realized response is roughly ~1.3× the underlying’s ETH move, and moves under ~5% may not propagate at all. The strong 3× boost applies on the curve (pre-graduation); post-graduation is a lighter, fee-limited tracker of the same perp.

Numbers are for a token that graduates purely from buys. Because tokens are perp-backed, graduation can also trigger from the underlying moving — same $5,660 threshold, a different token/perp split in the LP. The nominal market cap at graduation is ~$25,000 on the full supply; measured on the circulating supply after the graduation burn it is a little lower (~$22,000), and it moves with the underlying’s price.

On the bonding curve, a flat 0.75% fee is charged on every buy and every sell, taken in USDG at the entry point and split ⅓ (33.33%) to the token creator and ⅔ (66.67%) to the protocol treasury.

On the graduated Uniswap v4 pool, the immutable PerpHook charges a static 1% fee on every swap and routes it through an immutable FeeEscrow split 50% creator / 50% treasury. Because the hook itself takes the fee, creators earn on all pool volume — including swaps sent straight to the pool, outside the app.

At graduation a fixed $300 fee is skimmed from the raised reserve to the protocol treasury, paid in aLT. It is taken before the LP is sized, so the pool opens at exactly the curve’s closing price — it just opens proportionally smaller. If a reserve has crashed so far that the fee would leave no viable pool, the fee is forgone rather than blocking the migration.

• Non-liquidating positions — the leveraged index tracks target leverage rather than liquidating; you can never lose more than you put in.
• Locked LP — graduated liquidity is locked; any future migration is gated behind a public on-chain proposal and a mandatory 7-day time delay (no instant, silent changes).
• Bounded oracle — the price index has a per-update change limit, a rolling window cap and a daily ceiling, so a single bad update can’t drain or brick a market.
• Role-separated keeper — the price/keeper key can only nudge the index within those bounds and drive the hedge; it can never withdraw funds or upgrade a contract.
• Graduation cannot be bricked — a hostile pool set up before a token graduates cannot block or grief the migration, finalizing is permissionless, and the pool always opens at the curve’s closing price.
• Verified & audited — all core contracts are source-verified (Sourcify) on the Robinhood Chain, with the bonding curve proven byte-equivalent to the reference design and multiple internal audit rounds.

• Robinhood Chain (4663) — the L2 the launchpad runs on.
• Lighter — the Robinhood Chain’s native perp DEX where the real hedge positions are held.
• Chainlink — native price feeds, the fallback source for the leveraged index when a Lighter mark is unavailable.
• USDG — the settlement stablecoin for all buys and sells.
• Uniswap v4 DEX — the post-graduation venue is a native-ETH/TOKEN v4 pool behind the PerpHook.

The live, canonical addresses — verified on-chain 2026-09-21. Explorer: robin.etherscan.io. All core contracts are source-verified (Sourcify).

• Bonding (launchpad / token factory) — 0xf9eD435f68d5f647C2e4af4652195235F5a7D6A8
• Zap (buy / create entry) — 0xCca8410b52e3C5BF69D9B7CeCd1fC1D2558b790a
• TokenV2 (token implementation) — 0x55211C5DeE02e9A80C035a2EA0A684055dA5A3B9
• PerpHook (graduated v4 hook) — 0x15b4057bf436c707389482aC4867Ef0FC394aAc0
• GraduationSeeder — 0x4819cE6EDdB6677b975f456f617228e2A0c177F4
• CashRouter (USDG↔ETH) — 0x7E2337fD43E5b5E3694c49a23C8B9c39808089F9
• FeeEscrow (50/50 creator/treasury) — 0x5aFdDBaB05DFB3DA9cfa24B9e59943bFC13b7b03
• Uniswap v4 PoolManager — 0x8366a39CC670B4001A1121B8F6A443A643e40951
• USDG (settlement, 6-dp) — 0x5fc5360D0400a0Fd4f2af552ADD042D716F1d168
• aETH3L (ETH 3× backing aLT) — 0x9CEeEa125dEb598D614C2C097c212324FDBdb1b3
• ArcusFactory (aLT factory) — 0xFca84bD4d5acBe1fE9664adbcD5d77f76f2676D5